CHAPTER 1 A Preview of Business statistics to accompany Introduction to business statistics fourth edition by ronald M. Weiers Presentation by Priscilla Chaffe-Stengel Donald N. stengel o 2002 The Wadsworth Group
CHAPTER 1: A Preview of Business Statistics to accompany Introduction to Business Statistics fourth edition, by Ronald M. Weiers Presentation by Priscilla Chaffe-Stengel Donald N. Stengel © 2002 The Wadsworth Group
ll Chapter 1-Key terms Collection, summarization analysis, and reporting of numerical findings Statistics-IwO Usages A. The study of statistics B Statistics as reported sample measures 》1. Descriptive >>2. Inferential o 2002 The Wadsworth Group
Chapter 1 - Key Terms • Collection, summarization, analysis, and reporting of numerical findings • Statistics - Two Usages – A. The study of statistics – B. Statistics as reported sample measures »1. Descriptive »2. Inferential © 2002 The Wadsworth Group
ll Chapter 1-Key terms Inferential statistics POPULATION SAMPLE How Census Selected Taken Subset Measure Parameter Statistic o 2002 The Wadsworth Group
Chapter 1 - Key Terms Inferential Statistics POPULATION SAMPLE How Taken Census Selected Subset Measure Parameter Statistic © 2002 The Wadsworth Group
Ⅷ Types of va ariables Qualitative variables Attributes, categories Examples: male/female, registered to vote/not ethnicity eye color Quantitative variables Discrete -usually take on integer values but can take on fractions when variable allows-counts, how many Continuous-can take on any value at any point along an interval measurements how much C 2002 The Wadsworth Group
Types of Variables • Qualitative Variables – Attributes, categories »Examples: male/female, registered to vote/not, ethnicity, eye color.... • Quantitative Variables – Discrete - usually take on integer values but can take on fractions when variable allows - counts, how many – Continuous - can take on any value at any point along an interval - measurements, how much © 2002 The Wadsworth Group
I Example: Types of ariables Problem 1.16 For each of the following indicate whether the appropriate variable would be qualitative or quantitative. If the variable is quantitative, indicate whether it would be discrete or continuous o 2002 The Wadsworth Group
Example: Types of Variables Problem 1.16 • For each of the following, indicate whether the appropriate variable would be qualitative or quantitative. If the variable is quantitative, indicate whether it would be discrete or continuous. © 2002 The Wadsworth Group
l Problem 1.16 a) Whether you own. Qualitative variable an rca colortrak two levels: yes/no television set no measurement b)Your status as a Qualitative Variable full-time or a part two levels: full/part time student no measurement c)Number of people Quantitative,Discrete who attended your Variable schools graduation a countable number last year only whole numbers o 2002 The Wadsworth Group
Problem 1.16 • a) Whether you own an RCA Colortrak television set • b) Your status as a full-time or a parttime student • c) Number of people who attended your school’s graduation last year • Qualitative Variable – two levels: yes/no – no measurement • Qualitative Variable – two levels: full/part – no measurement • Quantitative, Discrete Variable – a countable number – only whole numbers © 2002 The Wadsworth Group
l Problem 1.16, continued e price o Quantitative, discrete your most recent Variable haircut a countable number only whole numbers °e)Sam' s travel· Quantitative, Continuous time from his Variable dorm to the any number Student union time is measured can take on any value greater than zero C 2002 The Wadsworth Group
Problem 1.16, continued • d) The price of your most recent haircut • e) Sam’s travel time from his dorm to the Student Union • Quantitative, Discrete Variable – a countable number – only whole numbers • Quantitative, Continuous Variable – any number – time is measured – can take on any value greater than zero © 2002 The Wadsworth Group
l Problem 1.16, continued °f) The number of· Quantitative, Discrete students on Variable campus who a countable number belong to a social only whole numbers fraternity or sorority ◎2002 The Wadsworth c rou p
Problem 1.16, continued • f) The number of students on campus who belong to a social fraternity or sorority • Quantitative, Discrete Variable – a countable number – only whole numbers © 2002 The Wadsworth Group
ll Scales of measurement e nominal scale- labels represent various levels of a categorical variable Ordinal scale labels represent an order that indicates either preference or rankin 8 o Interval scale-Numerical labels indicate order and distance between elements. There is no absolute zero and multiples of measures are not meaningful Ratio scale -Numerical labels indicate order and distance between elements. There is an absolute zero and multiples of measures are meaningful o 2002 The Wadsworth Group
Scales of Measurement • Nominal Scale - Labels represent various levels of a categorical variable. • Ordinal Scale - Labels represent an order that indicates either preference or ranking. • Interval Scale - Numerical labels indicate order and distance between elements. There is no absolute zero and multiples of measures are not meaningful. • Ratio Scale - Numerical labels indicate order and distance between elements. There is an absolute zero and multiples of measures are meaningful. © 2002 The Wadsworth Group
I Example: Scales of measurement Problem 1.20 Bill scored 1200 on the Scholastic Aptitude Test and entered college as a physics major As a freshman, he changed to business because he thought it was more interesting Because he made the deans list last semester, his parents gave him $30 to buy a new casio calculator. Identify at least one piece of information in the o 2002 The Wadsworth Group
Example: Scales of Measurement Problem 1.20 • Bill scored 1200 on the Scholastic Aptitude Test and entered college as a physics major. As a freshman, he changed to business because he thought it was more interesting. Because he made the dean’s list last semester, his parents gave him $30 to buy a new Casio calculator. Identify at least one piece of information in the: © 2002 The Wadsworth Group
